Frequently Asked Questions


  • What is a Participatory Finance Platform?

    According to Law 5/2015, of 27 April 2015, participatory financing platforms are those authorised companies whose activity consists of bringing together, in a professional manner and through websites or other electronic means, a number of natural or legal persons who offer financing in exchange for a monetary return, called investors, with natural or legal persons who apply for financing in their own name in order to destine it to a participatory financing project, called promoters.

    Companies that carry out the activity described in the previous paragraph are not considered as participative financing platforms when the financing obtained by the promoters is exclusively through:

    1. Donations
    2. Sale of goods and services
    3. Interest-free loans
  • What is the legal status of Participatory Financing Platforms in Spain?

    The legal regime for participative financing platforms is that provided for in Law 5/2015 of 27 April 2015 and its implementing regulations, without prejudice to the other regulations applicable to these companies and their activity.

  • Does this platform allow both investments and loans to be channelled through the Internet?

    Our platform has been authorised by the Spanish National Securities Market Commission and the Bank of Spain to finance projects under all the modalities provided for in Law 5/2015, of 27 April 2015, in other words:

    50.1. a) The issue or subscription of debentures, ordinary and privileged shares or other securities representing capital, when it does not require and lacks an informative issue prospectus referred to in articles 25 and following of RDL 4/2015, of 23 October, approving the Consolidated Text of the Securities Market Law. In this case, the promoter shall be understood to mean the company that is going to issue the securities. When non-accredited investors as defined in this title participate in the financing, the securities referred to in this section may not incorporate an implicit derivative.

    50.1. b) The issue or subscription of shares of limited liability companies, in which case the promoter shall be understood to mean the limited liability company that is going to issue the shares.

    50.1. c) Application for loans, including participating loans, in which case the promoter means the natural or legal persons who are borrowers.


  • Do I have to be an accredited investor to be able to invest?

    No. Anyone can invest, but the law imposes greater limitations on non-accredited investors.

  • Who is a non-accredited investor under the law?

    Any natural or legal person who does not meet the conditions required by law to be considered an accredited investor.

  • Who, according to the law, is an accredited investor?

    According to Law 5/2015 of 27 April 2015, they are considered accredited investors:

    1. The natural and legal persons referred to in letters a), b) and d) 205.2 of RDL 4/2015, of 23 October, approving the Revised Text of the Securities Market Act.
    2. Entrepreneurs who individually meet 2 of 3 conditions:
      • Asset items equal to or greater than €1 M
      • Annual turnover = o > at 2 M€
      • Own resources = or > €300,000
    3. The natural persons who:
      • Evidence of annual income in excess of €50,000 or financial assets in excess of €100,000, and
      • request to be considered as previously accredited investors, and expressly renounce their treatment as non-accredited clients. Admission of the application and waiver shall be made in accordance with the provisions of Article 84 and shall be conditional upon the Participatory Finance Platform carrying out an adequate assessment of the client's experience and knowledge, and ensuring that it can make its own investment decisions and understands its risks.
    4. Small and medium-sized enterprises and legal entities not mentioned in the previous sections when they request to be considered as previously accredited investors and expressly renounce their treatment as non-accredited clients.
    5. In addition to the above-mentioned persons, natural or legal persons who provide evidence that an authorised investment service company has contracted financial advice on the platform's financing instruments will also be considered an accredited investor.
  • Can I lose my accredited investor status?

    Yes, accredited investors according to letters C) and D) of the previous section who do not provide financing for a project of the participative financing platform within the term of twelve months will lose their accredited status, although they will be able to recover it when they comply with the requirements established in the aforementioned letters. Likewise, they will lose their status as accredited when they request it in writing.

  • What are the investment limits for non-accredited investors?

    Non-accredited investors may not:

    • Commit to invest or invest more than 3,000 euros in the same project.
    • Commit to invest or invest more than 10,000 euros in a period of twelve months, in projects published by the set of participatory financing platforms.
  • What are the investment limits for accredited investors?

    Accredited investors will have no limit other than that imposed by law on fundraising by projects. In other words, the maximum amount of funds raised per participatory financing project through each of the participatory financing platforms may not exceed 2,000,000 euros, and it is possible to carry out successive rounds of financing that do not exceed the aforementioned amount in annual calculation. When the projects are aimed exclusively at accredited investors, the maximum amount may reach 5,000,000 euros.

  • Do I have to be Spanish to invest?

    No. Anyone in Spain or abroad can invest.

  • Are all the projects of Spanish nationality?

    The promoter, a legal entity, must be validly incorporated in Spain or in another Member State of the European Union.

  • Can I earn money by investing in Startups?

    Yes, startups are the most risky companies, but they are also the most profitable, so if the company is doing well you can obtain a high return on your investment.

  • Can I lose money investing in Startups?

    Yes, you are investing in high risk young companies and just as you can earn money, you can also lose it.

  • Does the investment cost the investor?

    No. As an investor, the only money you have to disburse is that of the investment.

  • Does the platform carry out an evaluation of the projects before qualifying them for investment?

    Yes, we analyze each project based on a series of objective criteria based on the Goldsmith Score ®, a contrasted business analysis and validation model developed by the American H. Randall Goldsmith Ph.D.

    The Goldsmith Score allows assigning each project a score between 0% and 100%. A higher score means that the project is more robust, and the risks associated with it have been mitigated to a greater extent.

    The platform requires a Goldsmith Score greater than 60% to qualify the project for investment. If the required score is not exceeded, the entrepreneur must continue working on his project until the conditions required by the platform to be eligible for investment.

  • If the investment objective is not reached, will the invested money be returned to me?

    Yes, completely.

  • What investment modalities do projects offer?

    Our platform has been authorized by the Spanish National Securities Market Commission and the Bank of Spain to channel both investments in share capital and loans. Each project proposes the investment model that best suits its nature and circumstances. Normally, it will be one of the following: capital increase, fixed interest loan, equity loan and convertible capital.

  • Can I contact the entrepreneur directly?

    Yes, you can do this through the Platform.

  • Are there tax deductions for investing in startups?

    Yes, you can obtain interesting tax benefits for your investment.

    Those individuals who invest in a new or recently created company (3 years), can apply a 30% deduction in their income tax, up to a maximum of 60,000 euros of investment. The following requirements must be met:

    • - The company that is constituted or recently created must have as its legal form that of a public limited company, a limited liability company, a worker-owned company or a worker-owned limited liability company.
    • - The new company cannot be dedicated to the management of real estate or movable assets and must carry out an activity for which it has sufficient personal and material means.
    • - The equity of the company or new company may not exceed 400,000 euros at the start of the tax period. In addition, the company must be newly created or no older than three years.
    • - Contributions to newly created companies, which carry out the same business activity or older companies, where there is evidence of continued activity, will not be deductible.
    • - The investor may not hold more than 40% of the capital, must remain in the capital for a minimum of three years and a maximum of twelve years and must obtain a certificate of participation in the capital attesting to compliance with all the requirements (form 165), issued by the company in which he has invested.

    This deduction only applies to natural persons, in the case of investors acting as legal persons it would not apply.


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